Vietnam boasts great potential for developing the chip technology industry and it hopes to attract investment from Japan in this area, Deputy Prime Minister and Minister of Finance Ho Duc Phoc told a Japanese official.

Projects invested by Japanese investors or funded by Japanese official development assistance (ODA) capital have played a crucial role in economic development of Vietnam and Hanoi in particular, said Chairman of the municipal People’s Committee Nguyen Duc Chung.

Prime Minister Nguyen Xuan Phuc ordered ministries and State agencies to cut above-the-line expenditures and only spend the new ODA funds on development investment during a meeting on March 8.